Waterland sells Infra Group to Andera

Andera invested via its €445m Winch Capital 4 vehicle, which closed in December last year. The transaction sees Infra Group's CEO, Tom Vendelmans, reinvesting significantly and 17 managers becoming shareholders for the first time.

The sale values the business at more than €100m, the Belgian publication De Tijd reported in February. Last year, Waterland hired Rothschild to advise on an exit.

The GP acquired about half of the shares in Infra Group (then Verbraeken) in 2010, De Tijd reports. At the time, the GP was investing via its €800m Waterland Private Equity Fund IV vehicle.

Under Waterland's ownership, the business expanded its footprint both organically as well as through acquisitions in France, Germany and Benelux, the GP's website says.

Andera plans to accelerate the company's growth strategy, especially in France. In Germany, the management team and Andera Partners will consider acquisitions to consolidate the group's presence in the region. The group already has a pipeline of potential acquisitions, according to a statement by Andera.

Company
Founded in 1966 and headquartered in Temse, Infra Group, formerly known as Verbraeken, builds and renovates utility infrastructure networks for gas, water, electricity and telecoms companies.

The company posted a turnover of €160m in 2018 and employs 1,000 employees across Belgium, France and Germany.

People
Andera Partners – Laurent Tourtoi, Antoine Le Bourgeois (partners); Francesco Gonzaga (senior associate); Aurélie Denieuil (chargée d'affaires).
Waterland Private Equity – Frank Vlayen (group managing partner, CEO); Vincent Nykjaer (investment associate).

Advisers
Equity – Brugmann Conseil, Franck Laborey, Benoit Verron (corporate finance); Accuracy, Arnaud Lambert, François Dunoyer de Segonzac, Arnaud Dhers (corporate finance); LEK, David Danon-Boileau, Adrien Korniloff (commercial due diligence); Stibbe, Stefan Odeurs, Julien Bogaerts, Viktor Pokorny, Johan Luntumbue, Wouter Ghijsels, Pieter Nobels, Christophe Sion (legal, tax); Alerion, Pierre-Olivier Brouard, Céline Milenkovic, Nathalie Dupuy-Loup, Cécile de Smet, Benoît Dehaene (legal, tax).

Vendor – Rothschild & Co, Frank Demoen, Wim Reyntiens, Justine Vernack (M&A); Deloitte, Toon Peeters, Stijn Dingenen (financial due diligence, tax); Roland Berger, Gregoire Tondreau, Pierre Bastien (commercial due diligence); Baker McKenzie, Koen Vanhaerents, Kim Stas, Charlotte De Cort, Antoine De Raeve, Hélène Van Steenberge (legal).

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• Topics
• Buyouts
• Exits
• Benelux
• Industrials
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• Andera Partners
• Waterland Private Equity